Nugold sees this Rainy River district for what it is a
n entirely new gold district with a wide potential for
new discoveries.
For that reason Nugold will likely secure as much land adjacent to their land as they can and will likely do this in short order while the price is cheap.
After all they took out RRR because of it's depressed value.
Last week Chalice Gold bought another major land holder in this camp Coventry Resources.
Coventry is the second largest land holder in Rainy River behind Nugold.
The Cameron Lake project was scheculed to begin production late 2014 and that likely will now occur that there is sufficient cash to put that project back on track.
The following is a descriotion of the next Rainy River area property that has the potential to be a viable deposit.
| The property is located in the Townships of Menary, Claxton, McClarty and Senn in the Kenora Mining Division of northwest Ontario. The claim units are located approximately 20 kilometres southeast of the Town of Nestor Falls, Ontario and can be accessed along Road 404, east of Highway 71 which runs between Kenora and Fort Frances, Ontario. The project is located roughly fifteen kilometers northeast of the Richardson Township Project owned by Rainy River Resources Limited (TSX.V: RR) and within 12 kilometres of the recent discovery by Bayfield Ventures Corp. (TSX.V: BYV). The property is adjacent to and along strike to the Rainy River Resources Limited drilling that has been conducted on their Off Lake Gold Project.
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| | The property consists of the original core group of 4 un-patented mining claims acquired by option agreement in January 2010; an additional acquisition of 6 un-patented mining claims by option agreement in August 2010; the staking of 6 un-patented mining claims in October 2011; and a third option agreement was announced on May 7th, 2012 for 2 claims with Perry English, acting on behalf of Rubicon Minerals Corporation, as the vendor. The overall Menary Gold Project now consists of 18 claims for approximately 1,728 hectares in a single contiguous land package. |
The present land owner has only explored a small percentage of this property and hit gold values in 32 of the 33 holes drilled there.
My point here is that Nugold will likely secure even more land in this camp and it will not take 8 years for that to happen.
Bayfield will get swallowed up and it won't be long in my view. Well before they run out of money and require more dilution.
all in my humble opinion.